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Mr Speaker,

I have been surprised by some of the reaction I have had to my decision to retire. All sorts of motivations have been ascribed to my decision.

One of my cabinet colleagues – who is always concerned about how these sorts of things look for the Government – was keen to spread the rumour that the real reason could be traced to the existence of a series of incriminating photographs.

I was alarmed at the speed at which Murray McCully was able to invent such a scenario.

Simon Power, the MP for Rangitikei and the fourth-ranked Minister in John Key's National-led Government, is to retire from politics at the election in November.

Mr Power said he was looking forward to continuing to contribute to New Zealand's growth, but in the private sector.

"It's time for new challenges and new opportunities.

“I've been extremely privileged to serve in the Cabinet under Prime Minister John Key, and as the Member for Rangitikei since 1999.

Thank you for inviting me to open your conference.

The companies you represent form an integral part of New Zealand's economy.

Commerce and Justice Minister Simon Power is in Australia this week for talks with his Australian counterparts.

Commerce and Justice Minister Simon Power travels to Australia tomorrow to meet federal and state Ministers for discussions on a range of commerce and justice issues.